House prices rose by 0.3% in May, according to Nationwide’s latest house price index.

On the three month on three month measure, prices rose by 0.6%, little change from the 0.7% pace of increase recorded in April.

However, the price of a typical home in May is 1.2% lower than one year ago.

The average price of a house in the UK is £167,208.

Robert Gardner, Nationwide’s chief economist, said: “House prices increased by 0.3% in May